Central African Republic



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Central African Republic Economy 2008


Economy - overview: Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with more than 70% of the population living in outlying areas. The agricultural sector generates more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. Important constraints to economic development include the CAR's landlocked position, a poor transportation system, a largely unskilled work force, and a legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.
GDP (purchasing power parity): $3.007 billion (2007 est.)
GDP (official exchange rate): $1.714 billion (2007 est.)
GDP - real growth rate: 4% (2007 est.)
GDP - per capita (PPP): $700 (2007 est.)
GDP - composition by sector: agriculture: 55% industry: 20% services: 25% (2001 est.)
Labor force: 1.857 million (2006)
Unemployment rate: 8% (23% for Bangui) (2001 est.)
Household income or consumption by percentage share: lowest 10%: 0.7% highest 10%: 47.7% (1993)
Distribution of family income - Gini index: 61.3 (1993)
Budget: revenues: $250 million expenditures: $273 million (2007 est.)
Inflation rate (consumer prices): 0.9% (2007 est.)
Central bank discount rate: 5.25% (31 December 2007)
Commercial bank prime lending rate: 15% (31 December 2007)
Stock of money: $218.3 million (31 December 2007)
Stock of quasi money: $47.58 million (31 December 2007)
Stock of domestic credit: $320.2 million (31 December 2007)
Agriculture - products: timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber
Industries: gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles
Industrial production growth rate: 3% (2002)
Electricity - production: 110 million kWh (2006 est.)
Electricity - consumption: 102.3 million kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
Oil - consumption: 2,322 bbl/day (2006 est.)
Oil - exports: 0 bbl/day (2005)
Oil - imports: 2,057 bbl/day (2005)
Oil - proved reserves: 0 bbl (1 January 2006 est.)
Natural gas - production: 0 cu m (2007 est.)
Natural gas - consumption: 0 cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 0 cu m (1 January 2006)
Current account balance: -$77 million (2007 est.)
Exports: $146.7 million f.o.b. (2007 est.)
Exports - commodities: diamonds, timber, cotton, coffee, tobacco
Exports - partners: Belgium 22.7%, Indonesia 19.3%, Italy 7.7%, France 7.1%, Spain 6.9%, Democratic Republic of the Congo 6.8%, China 4.9%, Turkey 4.7% (2007)
Imports: $237.3 million f.o.b. (2007 est.)
Imports - commodities: food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals
Imports - partners: France 16.6%, Netherlands 13%, Cameroon 9.7%, US 6.3% (2007)
Debt - external: $1.153 billion (2007 est.)
Market value of publicly traded shares: $NA
Currency (code): Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Exchange rates: Communaute Financiere Africaine francs (XAF) per US dollar - 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

NOTE: The economy information regarding Central African Republic on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Central African Republic Economy 2008 information contained here. All suggestions for corrections of any errors about Central African Republic Economy 2008 should be addressed to the CIA.